Apr 2015

Grubhub Reports First Quarter Results

"Positive seasonal tailwinds and good organic growth propelled GrubHub to record top line and bottom line results in the first quarter," commented Matt Maloney, CEO. "We continue to broaden and deepen our reach, with 5.6 million diners generating more than 21 million orders for our 35,000 restaurant partners in the first three months of the year. Due to our strong growth in diners, Daily Average Grubs grew 30 percent compared to the first quarter last year."

First Quarter 2015 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2015 as compared to the same period in 2014.

First Quarter Financial Highlights

Revenues: $88.2 million, a 51% year-over-year increase from $58.6 million in the first quarter of 2014.

Non-GAAP Adjusted EBITDA: $28.3 million, a 72% year-over-year increase from $16.4 million in the first quarter of 2014.

Net Income: $10.6 million, a 143% year-over-year increase from $4.4 million in the first quarter of 2014.

First Quarter Key Business Metrics Highlights

Active Diners were 5.60 million, a 46% year-over-year increase from 3.85 million Active Diners in the first quarter of 2014.

Daily Average Grubs were 234,700, a 30% year-over-year increase from 181,200 Daily Average Grubs in the first quarter of 2014.

Gross Food Sales were $590 million, a 36% year-over-year increase from $433 million processed in the first quarter of 2014.

"As previously announced, in addition to the DiningIn acquisition we closed in early February, we completed our acquisition of Restaurants on the Run later in the month and continue to be excited about providing delivery as part of an integrated suite of products for our independent restaurant partners," noted Maloney. "We believe that by providing the last mile, we can improve the diner experience, increase the total market and potentially lower the cost of delivery by leveraging our unequaled scale."

About GrubHub

GrubHub (NYSE: GRUB) is one of the nation's largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 35,000 restaurants in more than 900 U.S. cities and London, the company's platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.